MetLife Investment Management LLC Acquires 20,465 Shares of Primo Brands Corporation $PRMB

Key Points

• MetLife Investment Management increased its stake in Primo Brands Corporation by 21.5%, acquiring an additional 20,465 shares and valuing its holdings at approximately $4.1 million.
• Primo Brands' most recent earnings report revealed an EPS of $0.36, which missed expectations, and the company has set its FY 2025 guidance at $1.13 EPS.
• Recent insider purchases include Director Michael John Cramer acquiring 4,000 shares and CEO Robbert Rietbroek purchasing 8,285 shares, indicating confidence in the company's prospects.

MetLife Investment Management LLC increased its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 21.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 115,857 shares of the company's stock after acquiring an additional 20,465 shares during the quarter. MetLife Investment Management LLC's holdings in Primo Brands were worth $4,112,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc bought a new position in Primo Brands in the 1st quarter valued at about $40,000. Versant Capital Management Inc boosted its stake in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Primo Brands in the 1st quarter valued at approximately $43,000. Parallel Advisors LLC boosted its position in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after buying an additional 902 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in Primo Brands during the 1st quarter worth approximately $54,000. 87.71% of the stock is owned by institutional investors.

Insider Transactions at Primo Brands

In other news, Director Michael John Cramer purchased 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of the stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PRMB shares. Royal Bank Of Canada dropped their price target on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Morgan Stanley dropped their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Barclays decreased their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Finally, TD Securities reduced their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $37.30.

Primo Brands Price Performance

NYSE PRMB opened at $25.12 on Friday. The company has a market cap of $9.38 billion, a PE ratio of -228.39, a price-to-earnings-growth ratio of 0.66 and a beta of 0.72. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm's 50-day simple moving average is $27.46 and its two-hundred day simple moving average is $30.73.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. The firm's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio is presently -363.64%.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.

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